With most market players back in the office after the holidays, the US rebar market is starting the new year with a stable trend, as prices have not moved since late December. While some sources speculate that a significant increase in scrap prices this month could spur US rebar mills to announce a price increase, others say that scrap would have to go up by at least $50/mt for mills to consider any announcement.
The current forecast for US shredded scrap prices this month is pointing to a $30/mt or possible $40/mt increase, which sources say indicates it’s more likely than not that US rebar prices will remain stable.
This week, US domestic rebar spot prices are trending neutral at $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt) ex-mill in the Midwest, and $47.00-$48.00 cwt. ($1,036-$1,058/mt or $940-$960/nt) ex-mill on the East coast.